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25/04/2024
Mining News

Greenland Resources advances Molybdenum project

This announcement from Greenland Resources Inc. details the company’s application for an exploitation license under Greenland’s new Mining Act. The act, which came into effect on January 1, 2024, is seen as a positive development by the company as it provides a faster pathway for permitting exploitation licenses. Notably, the act has relaxed requirements regarding Environmental Impact Assessments (EIA) and Social Impact Assessments (SIA), allowing them to be fulfilled after the grant of an exploitation license.

Greenland Resources Inc. highlights its compliance with the Mining Act’s requirements, citing a viable mineral deposit and approved Terms of Reference for its EIA/SIA. The company emphasizes the potential benefits of the new act, particularly in expediting capital expenditure financing, permitting, and project development.

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The executive chairman, Dr. Ruben Shiffman, underscores the significance of the faster permitting route for their project, especially as they advance in the capital expenditure process with their UK financial advisors. He also notes recent developments in the Greenland mining sector, including the company’s recognition as the Greenland Prospector and Developer of the year during PDAC and the inauguration of the EU office in Greenland, reflecting partnerships and commitments to sustainable raw materials.

Additionally, the announcement provides an overview of Greenland Resources Inc., its focus on the development of the Malmbjerg molybdenum project in Greenland, and its alignment with EU initiatives such as the European Raw Materials Alliance. It discusses the importance of molybdenum in steel and chemicals, particularly in the context of the green energy transition, and highlights the potential for the Malmbjerg project to supply environmentally friendly molybdenum to the EU.

The forward-looking statements section of the announcement addresses potential risks and uncertainties associated with the project, including regulatory, environmental, and market-related factors. It outlines the company’s current views, assumptions, and cautionary notes regarding future events and performance.

Overall, the announcement provides comprehensive information about Greenland Resources Inc.’s activities, its engagement with regulatory frameworks, and its strategic positioning in the molybdenum market.

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